《大行報告》匯豐研究料內房配股集資不會成廣泛現象 世房(00813.HK)合景(01813.HK)評級降至「持有」
匯豐研究發表報告,指現時是利用內地房地產板塊巨大的估值差異套利的時機,而此情況在疫情爆發後更見誇張。該行相信,市場過度追捧具有明顯催化劑的優質股,尤其是增長型股份,例如合景泰富(01813.HK)及世茂房地產(00813.HK),它們的交易價接近歷史高位。
另一方面,雖然二線內房股的執行力有所改善,但投資者仍對這些股份態度溫和,然而在該行看來這代表著巨大的價值。在此背景下,該行建議投資者留意追落後的股份。基於合景泰富及世茂房地產的估值,投資評級均由「買入」下調至「持有」。同時,推薦華潤置地(01109.HK)、碧桂園(02007.HK)、旭輝控股集團(00884.HK)及龍光地產(03380.HK),均給予「買入」投資評級。由於旭輝銷售及信貸指標改善,在收窄其目標資產淨值(NAV)折讓後,將其目標價由7.3元提升至8.6元。
該行又提到,世茂房地產及旭輝等少數內房股自4月以來有配股舉動,但相信這未必代表是整個內房板塊廣泛現象。另外,相信投資者不太可能接受在更大的折讓下配股,因為內房板塊的股價尚未收復今年以來的失地。該行認為,在3月份以來合同銷售快速反彈的背景下,內房企業的集資需求有所紓緩,而債券市場的融資渠道亦已重開。
該行相信,隨著抵押貸款率持續下降及地方政策持續微調的情況下,市場定價已反映出內房企業6月份銷售穩健的預測。至於下半年的情況,預期8月份公布的中期業績將會出現一些令市場驚訝的負面因素。
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